The annual meeting of the shareholders will be held on
 April 20, 2023 at 1:00 PM Central Daylight Time.

 Location:  Majestic Theatre
         224 East Houston Street
         San Antonio, Texas   78205

2023 Proxy Statement

Proxy Card

2022 Annual Report

 The Annual Meeting is open to all of our shareholders. If you are a
 shareholder and plan to attend the meeting, you must present an admission
 ticket, which can be obtained by registering in advance of the meeting at Shareholders may bring up to two guests;
 however, each guest must also be registered by the shareholder at Shareholders and their guests must each
 present an admission ticket for admittance to the meeting. If you do not
 have an admission ticket, you will not be admitted to the meeting.

 The two San Antonio hotels below, both within one
 block of the Majestic Theatre, are offering a
 discount to Biglari Holdings Shareholders. Click on the
 hotel links below to book a reservation.

The St. Anthony

Hotel Valencia